It's important for organizations to evaluate their specific needs and challenges and identify the best approach to increasing efficiency for their procurement teams. Organizations should consider the use of technology to support their procurement processes: this can improve data analysis and automation. It is important to encourage collaboration between procurement teams and other departments, which can lead to better communication, alignment and more efficient procurement processes. Implementing these strategies, along with regular monitoring and analysis, can help organizations to continuously improve their procurement processes and achieve greater efficiency. 

• Automation: According to a survey by the Institute for Supply Management, organizations that have adopted automation in their procurement processes have seen an average reduction of 20% in procurement costs. Automating repetitive and manual tasks can help procurement teams to be less error-prone and more accurate and efficient by reducing the amount of time and effort required to complete these tasks.  
• Data analysis: According to a survey by the Hackett Group, organizations that have adopted data analysis in their procurement processes have seen an average reduction of 15% in procurement costs. Utilizing data analysis tools can help teams to gain relevant insights and optimize their processes and make more informed decisions.  
• Strategic sourcing: According to a survey by the Hackett Group, organizations that have adopted strategic sourcing in their procurement processes have seen an average reduction of 10% in procurement costs. Adopting a strategic sourcing approach can help procurement teams to identify and engage with the most cost-effective suppliers, thereby reducing costs and improving the quality of goods and services.
• Collaboration: According to a survey by the Hackett Group, organizations that have adopted collaboration in their procurement processes have seen an average reduction of 5% in procurement costs. Encouraging collaboration between procurement teams and other departments within an organization can help to improve communication and alignment, which can lead to more efficient procurement processes.  
• Technology: Procurement teams can use technology such as cloud-based procurement platforms, e-sourcing, e-invoicing and spend analysis tools to streamline their processes, increase automation and improve data analysis. 

User stories: 

• Dell reported that after implementing a procurement platform, they were able to achieve a 15% reduction in procurement costs and a 20% improvement in supplier performance. 
• Unilever reported that after implementing a procurement platform, they were able to achieve a 10% increase in revenue and a 25% improvement in data analysis capabilities. 
• General Electric (GE) reported that after implementing a procurement platform, they were able to achieve a 30% improvement in process speed and accuracy, and a 20% reduction in administrative costs. 
• Nestle reported that after implementing a procurement platform, they were able to achieve a 15% reduction in procurement costs and a 20% improvement in supplier performance. 

FactWise Source-to-Pay is focused on increasing efficiency for all teams involved in end-to-end procurement processes across global product manufacturing companies.  With special features to help automate low-value, repetitive tasks, FactWise helps teams create RfX within moments, identify new suppliers, negotiate better, instantly generate documents like POs, invoices, quadruple validations, and make accurate, on-time payments. With FactWise, teams can increase efficiency by up to 30%.